Astra Microwave Products (ASTRAMICRO) share price target and forecast is updated on 29 Nov 2020. This is long term forecast of Astra Microwave and is valid as long as this stock trading above Rs.100 on weekly closing basis.
Astra Microwave Products is indicating the signs of major upside reversal and looks good for short and long term investment because it has given good convincing breakout with higher than average volume.
The Forecast is based on my personal experience and purely based on technical analysis. I am just sharing it but I don’t take responsibility for any trading or investment decision.
So, let’s have a close looks at its monthly and weekly chart. First, we need to look at its life time move on monthly chart based on Elliott Wave Analysis.
This is monthly time bar chart of Astra Microwave (ASTM) covering life time of its move. The chart indicates that major wave (1) and (2) may be completed and wave (3) may be in progress.
Astra Microwave share price forecast is positive for long term because a new major wave cycle is just started.
ASTRAMICRO can bounce 3 folds in coming years for long term target of Rs. 300-420 if the counts marked on this chart are correct.
But this analysis report is not mainly based on Elliott Wave Theory analysis but based on major resistance breakout. Stock recently gave convincing breakout above 06 years resistance line with good volume on weekly chart. Let’s have a look.
This is again weekly chart of Astra Microwave Products covering last 02 years of move.
There was huge 06 years resistance of 100-106 on weekly chart and stock broke this resistance with huge volume.
Astra Microwave share price is sustaining above resistance line after breakout and volume increased drastically at the time of breakout and after breakout.
Volume is higher during Green Candles and Volume is lower during red candles after breakout. It indicated that participation is more during upside and participation is less during downside.
So, Astra Microwave share price immediate target is 165 and long term target is 300 based on bullish resistance breakout on weekly chart.
Astra Microwave Products (ASTRAMICRO) share price forecast is positive for immediate target 165 and long term target of 300-420.
I personally would like to Buy this stock for medium to long term at current price of 109 and on every decline till 106 with stoploss below 100 on weekly closing basis (a full weekly candle must closed below 100 for stoploss) for immediate target 165. After 165, I will check the charts again and will manage investment with trailing stoploss.
For Trading, I would like to buy this stock on every decline with stoploss below 106 for quick 5-10% gain.
Deepak Kumar is tracking this stock movement on regular basis. So any change in Astra Microwave Share price target and forecast will be updated here accordingly.
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Also read Nifty Forecast for Tomorrow by Elliott Wave expert Deepak Kumar
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About Deepak Kumar
An independent Elliott Wave Theory analyst, trainer and trader. Analyzing Indian Indices and stocks since 2011. Founder of “Sweeglu Elliott Waves” and author of most practical book on Elliott Wave Theory, “Practical Application of Elliott Wave Principle”
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